Daily Candle Chart
On the technical chart it was spotted this week that the rate has begun to respect the resistance of the 100-day simple moving average. It provided resistance last week and was bound to do it again.
However, as the SMA moves lower, it is unlikely going to provide enough resistance to push the rate below the buy order cluster at 1.5000. Due to that reason it is assumed that eventually the SMA will and would get passed.
Market Depth
Market Depth reveals, where traders have set up buy and sell orders. The up to date data is published at dukascoin.com. Dukascopy Analytics has visualized the data by marking the buy and sell order levels on the chart. Below, one can observe the market orders on June 1.
Starting at 1.5000 there are orders to buy almost 2000 coins at each price level as low as the 1.4300 level.
It is highly unlikely that the rate could decline below this level, as the set up orders would buy up all the sold coins and keep the price above 1.5000.
In regards to sell orders, there were clusters to sell above 500 coins at 1.5100, 1.5200, 1.5500 and 1.6000. In general, the 1.5100 and 1.5200 sell orders are the reason, why the rate has stopped its surge.
© Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
Two future scenarios are possible. Sideways trading or a surge.
In the case of a surge, the rate would pass the 1.5100 level and aim first at 1.5500 and afterwards the 1.6000 exchange level.
On the other hand, the rate might fluctuate between the 1.5000 and 1.5100 levels. Namely, there would be no volatility at all, as the buyers and sellers remain at a stalemate until new market participants show up.